My Anthem

Wednesday, January 14, 2009

Sober up, fellow Malaysians, monitor the US scene closely...

The economic and corporate scenes in the largest trading nation in the world,also the one living high on the highest borowings as a single nation. So when their corporations shake, the foreign partners, including in Malaysia, fell the rock and roll move the earth under their feet. Or our DPM-cum-Finance Minister plus Finance Minister II still think Malaysia will be spared the US fallout? Malaysia won't descend into recession maybe six months down the line?

Okay,let's stray from Kuala Terenggganu where RPK and bandwagoners comprising Bloggers and B2Bs (Bloggers-to-be-lah, you Ignoramus!:) are tryig level best to steal at least 400+votes from the 600+-majority on March 8, 2008 GE, to take the parliament seat from the BN for PAS.Or for the Independent. Don't laugh OK, anything can happen in MalaysiaBolehLand, K! If knotty Desi drops the "d" from Land, the result can be anything but appropriate, so I refrain.

Here cometh the sombre news from USA, our second largest trading partner for what it's worth and its implications:(


From The Malaysian Insider, which is part of Desi's daily diet,
not overdozed though:(

6 heads roll in 8 days, more may follow

NEW YORK, Jan 14 – Chief executive officers (CEOs) at six major United States companies have lost their jobs in the last eight days, in a sign of more turmoil to come, The Wall Street Journal reported.

William Watkins, who was ousted on Monday at hard-drive maker Seagate Technology, is the sixth CEO of a publicly held company to be replaced in eight days, the newspaper noted in a report on its website yesterday.

His exit follows the departures last week of the CEOs of Tyson Foods, Borders, Orbitz Worldwide, Chico’s FAS and Bebe Stores.

Seagate chairman Stephen Luczo takes over from Mr Watkins with immediate effect.

Many experts view the changes as harbingers of significantly more turmoil in executive suites this year as company bottom lines and stock prices are hit by the economic crisis, said the Journal.

It added that an informal survey of management consultants, recruiters, investors and governance specialists pointed to several other CEOs whose jobs may be vulnerable: General Motors’ Rick Wagoner, Citigroup’s Vikram Pandit, Sun Microsystems’ Jonathan Schwartz, and Bank of America’s Kenneth Lewis.

Last year, 61 companies in the Standard & Poor’s 500 stock index changed CEOs, up from 56 a year earlier, said the Journal.

The number may increase this year, said assistant finance professor Dirk Jenter of Stanford University’s business school. Boards typically oust CEOs a year or two after relative shareholder returns start to slip, he added.

Executives of corporations based outside the US are leaving as well, said the Journal. Anglo-Australian mining company Rio Tinto on Monday said Dick Evans, CEO of its aluminium division, plans to retire on April 20.

Norwegian electric power and aluminium producer Norsk Hydro ASA also said on Monday that its CEO is stepping down on March 30.

The turmoil extends to senior executives as new CEOs often replace top lieutenants to create their own team.

Harry Pearce, chairman of Nortel Networks, said hiring a fresh leader during crises “almost invites bad decisions” because a newcomer must act fast before fully grasping the business. – The Straits Times

2 comments:

TH said...

4 words of yours inspired me (from one of your posts not long ago)

'Not mine. Yours. Mind.'

That sounds like a good start to applying for the caretaker dream job in the Australian island!

chong y l said...

Ah,TH, I hope your twisted heels have healed after the year 2008 ended wit' a BIG bang heard awe da way from UK to Koala Lumpuh dan Pulau Pinang!:):)

Ah, it's GOoD that I have an ER who remembers to quote Desi! The market pvalue has gone up by one Gbyte? Eh, my spiriteDEStiNation may yet join reality show. For now, dear Crystal, have a ap AP ap nu'e year. (Sisdar Sabrina T is away on the long beach having her Tan; I'm awaiting her 20K-gen AP4!:)